PennyMac Mortgage Investment Trust, elected to be taxed as REIT, was organized in Maryland on May 18, 2009 and began operations on August 4, 2009. The Company is a specialty finance company that invests mainly in residential mortgage loans and mortgage-related assets in the U.S. markets. The Company's objective is to provide attractive risk-adjusted returns to its investors over the long-term, mainly through dividends and secondarily through capital appreciation. The Company is managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of Private National Mortgage Acceptance Company, LLC or PennyMac and an SEC-registered investment adviser that specializes on, residential mortgage loans. The Company's is engaged on acquiring distressed residential mortgage assets that are sold by financial institutions including banks, thrifts, and non-bank mortgage lenders. The Company seeks to maximize the value of the mortgage loans that it acquires through federally sponsored loan modification programs, special servicing and other initiatives in order to keep borrowers in their homes. In residential mortgage loans and mortgage-related assets, the Company's targeted asset classes are Residential mortgage loans, RMBS, Other assets and other mortgage-backed securities. The Company competes with large financial institutions and with other independent residential mortgage loan producers and servicers.